Calls for regulation and global standards for the cryptocurrency industry have taken on fresh urgency recently, with the stunning collapse of Sam Bankman-Fried’s FTX exchange and its sister trading house Alameda Research.
One important regulatory proposal already in progress is the Organization for Economic Cooperation and Development’s Crypto Asset Reporting Framework—CARF—which would standardize how global tax authorities regulate and share information on cryptocurrency assets and still give nations significant leeway to set their own rules. The G20 endorsed the OECD’s crypto plan at its October finance minsters meeting.
On this episode of our weekly podcast, Talking Tax, Bloomberg Tax correspondent Shaun Courtney speaks with the OECD Center for Tax Policy and Administration’s Paul Hondius and Artur Olszewski about the crypto framework. Hondius and Olszewski talk about what the new framework does and doesn’t do, how it meets the needs of tax administrations, and expectations for implementation of the standards among G20 nations—which includes the US. They also offer an update on the organization’s timeline for creating legal and IT solutions to help countries with implementation and global information sharing.
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